The GBPUSD pair continues to trade in a sideways manner on the 1-hour timeframe, caught within a range highlighted by blue shading. The price has made several attempts to break through both support and resistance levels, yet it has not established a clear trend yet. However, a closer look reveals the formation of a minor ascending trendline that is now starting to act as a price support. This trendline indicates that selling pressure is beginning to weaken as buyers gradually regain control, especially as the US session approaches.
Additionally, the CCI indicator is showing a strong rebound from the oversold region, signaling increasing buying interest that could provide additional momentum for GBPUSD. If this momentum sustains throughout the US session, the chances for a price increase will widen. As long as the price remains above the minor trendline and the CCI continues to strengthen, GBPUSD has the potential to retest nearby resistance and possibly achieve a breakout if market sentiment is favorable.
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The GBPUSD pair has started to show a more robust strength after successfully breaking through the resistance on the Bollinger Bands, indicating that buying pressure has begun to dominate the market once again. The upward trend of the MA line also reinforces the signal that the short-term trend is now leaning bullish. On the momentum front, the CCI indicator has sharply risen from the oversold area, pointing to an increased buying interest and a more convincing recovery. With this combination of technical signals, GBPUSD holds a promising opportunity to continue rising and test the significant resistance area at 1.32215.
Technical Reference: buy as long as above 1.31425
Potential Take Profit 1: 1.32055
Potential Take Profit 2: 1.32215
Potential Stop Loss 1: 1.31560
Potential Stop Loss 2: 1.31425
